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Gold Dips To A Fresh 5-month Low

The price of gold dipped to a new calendar year low Friday morning amid a steady U.S. dollar and anxiety over a new government in Greece.

Gold for June delivery, the most actively traded contract, shed $14.70 to $1,580.80 an ounce, levels not seen in this 2012 calendar year Yesterday, gold snapped its three-session losing streak to settle marginally higher as the dollar weakened against most major currencies on some mixed economic data from the U.S., including a flat initial jobless claims for the week ago. The euro made gains after interventions in Spain and Greece somewhat eased financial concerns in the region.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,277.11 tons from 1,274.99 tons.

Meanwhile, the U.S. dollar was steady near its 3-month high versus the euro and a 3-week high against sterling, while trading flat versus the yen and the Swiss franc.

In economic news from the euro zone, Germany's EU harmonized consumer prices increased as estimated earlier in April, final data released by the Federal Statistical Office showed. The harmonized index of consumer prices (HICP) increased 2.2 percent on an annual basis in April, in line with the preliminary estimates. In March, EU harmonized consumer prices advanced 2.3 percent annually.

Meanwhile, the European Commission in its Spring forecast, published today said that the euro zone has entered a technical recession, but the recovery is in sight.

Elsewhere, the prices of silver and platinum were moving lower in morning deals.

by RTT Staff Writer

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